Markets Open Positive, Nifty Holding 4900 Mark

The Indian markets opened on a positive note today, but are witnessing a lacklustre trading session. The Sensex and Nifty are up by 0.68% and 0.69% respectively. Some value buying at the lower levels has kept the markets in the green. Among the BSE sectoral indices, Bankex, Power and Metals are leading with gains of 1.15%, 0.95% and 0.88% respectively. All the others are trading  positively with gains ranging from 0.01%-0.88%.

The other Asian markets opened on a mixed note today, but turned positive as investors gave more consideration to the news of political progress in Greece against Spain's deteriorating financial situation. The major Asian indices, Hang Seng, Nikkei and Shanghai, are trading higher by 0.52%, 0.20% and 0.08% respectively.

On Friday, the US stock markets fell marginally, yet managed a first up week in four, as investors fretted over troubles in Spain, where the banks came under severe financial strain and the government bond yields shot upwards.

Among the Sensex shares, Index heavyweights BHEL, SBI and Tata Steel are leading with gains of 2.64%, 2.34% and 1.24% respectively. Of the major losers, GAIL India, HUL and ONGC are trading lower by 1.93%, 1.07% and 1.11% respectively.

The market breadth, which indicates the overall health of the market, is positive. On the BSE, 1489 shares rose and 638 shares declined. 73 shares remained unchanged.

However, considering no big positive triggers in the offing, we expect the markets to remain volatile for the day. The European markets could provide some vital cues on the desired direction of the market trend in the late afternoon session.